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To: Lucretius who wrote (45378)	12/8/2000 8:44:41 AM
From: UnBelievable	Read Replies (3) \| Respond to of 436258

Lehman's Niles Says Worst Not Over At Intel For whatever reason, stocks are poised to open higher, despite Intel's (INTC) 4Q warning. 8:42 (Dow Jones) As Intel (INTC) investors breath a sigh of relief that their stock isn't going to get battered after the news, Lehman's well-respected Dan Niles cautions the coming rally in the stock and the semi group in general is a head fake. "We would sell into the strength. The worst is not behind us," he says. Cuts Intel 2001 estimate to $1.40 from $1.65 and says that could be too optimistic. (TG) 8:40 (Dow Jones) EUR/USD is dropping following an initial uptick on the November jobs data. EUR/USD is at $0.8884 after hitting intra-day high of $0.8915 right after news. (CSE) 8:38 (Dow Jones) The bond market got what it wanted in the rise in the unemployment rate to 4%, but the average hourly earnings number is a little rough for the market. As result, Treasurys are moving a bit lower across the curve, although the declines are concentrated in shorter-dated issues. The two-year note is the worst performer, down 3/32 to yield 5.48%. The 10-year is down 4/32 to a yield of 5.33%. (MSD) 8:37 (Dow Jones) Average hourly earnings went up six cents, 0.5%, which is stronger than comfortable and occurred despite the rise in the unemployment rate to 4.0% from 3.9%. Suggests that there is still enough tightness in labor market to impose wage pressures. (JM) 8:36 (Dow Jones) Already-strong stock futures gain ground on mixed jobs report. Dow futures up 110, S&P futures up 20, well above fair value of about 10. (TG) 8:35 (Dow Jones) Payrolls rose 94,000 in Nov., which was less than consensus, but is consistent with some expectations after Labor revised seasonal factors down. Government jobs went down by 54,000, so private jobs went up by 148,000. (JM) 8:34 (Dow Jones) Forex market kneejerk reaction to jobs data has been a small drop in USD. EUR/USD has jumped to $0.8905 vs previous level of $0.8894 while USD/JPY is at Y110.95 vs Y110.91. (CSE) 8:30 (Dow Jones) For whatever reason, stocks are poised to open higher, despite Intel's (INTC) 4Q warning. Maybe more PC concerns should project weaker-than-expected results. Oh, that's right, just about all of them already have. Actually, stocks are hanging in so well because there's been so much damage already done, and Intel's warning wasn't entirely unexpected. Unfortunately, Intel didn't give any guidance for the 1Q, which could have investors jittery through the beginning of next year. Anyway, just as important to the near-term direction of stocks is this morning's payroll report. Further weakness will confirm what we already know - the economy is slowing down sharply and the Fed is going to cut rates sometime next year, maybe early. That would give equity players more reason to jump in. Too much weakness will be trouble, though. Stock futures up big before the data. (TG)

To: Lucretius who wrote (45378)	12/8/2000 8:48:22 AM
From: UnBelievable	Read Replies (1) \| Respond to of 436258

Jobs Data Not Likely To Force Fed's Hand 12/08/2000 Dow Jones News Services (Copyright © 2000 Dow Jones & Company, Inc.) 8:46 (Dow Jones) Moderate selling pressure continues in front-end Treasurys, and that's largely because the market has concluded that the report, while friendly in important spots, isn't the silver bullet the Fed needs to lower rates. Given that, participants said it's a bit hard to justify yields at their current levels, and traders are hitting issues like the two-year note as a result. (MSD)